January 3, 2011
Saving up this years gift cards to make a large purchase? You better use them up fast because state governments like New Jersey think they have a better use for that money.
In an attempt to save themselves from obvious mismanagement, state authorities have begun steps to confiscate the balance left on your unused gift cards.
Arguably, gift cards are one of the biggest scams going. Most consumers have been exposed to gift card’s eccentricities and know how impossible it is to use all the money on the card. Then, once the transaction is complete, it is twice as difficult to get the remainder of the balance left on the card in cash. Now our public officials want to get in on the scam.
Large amounts of unused cash are locked away in these effective little marketing devices and New Jersey thinks they have a right to seize that money from you. In fact, they’ve already taken the steps to do just that.
New Jersey lawmakers voted to allow seizures on gift cards after more than two years citing that the seizure would generate around $80 million towards balancing the state’s troubled budget.
However, in November a federal judge temporarily struck down the law.
This isn’t stopping greedy state officials from making plans for your Christmas cash, state treasurer Andrew Sidamon-Eristoff says the state will appeal the ruling. Like a pack of jackals fighting over fresh kill, government and corporate giants are left to battle for your hard earned cash.